President-elect Donald Trump plans to implement significant changes to U.S. trade policies upon assuming office on January 20. A key proposal includes introducing a universal tariff of 10-20% on all imports, with additional tariffs targeting goods from China, Canada, and Mexico – the US’s largest trading partners.
This shift is expected to increase prices of everyday items such as sneakers, electronics, toys, and groceries, affecting both consumers and businesses domestically and internationally. To mitigate the financial impact of these potential price hikes, consider purchasing essential items before Trump’s presidency begins.
Gaming Consoles: Due to proposed tariffs on Chinese-made goods, gaming console prices are likely to increase significantly. Purchasing a new or upgrading an existing console before implementation can result in substantial savings.
Toys: With a 60% tariff on Chinese-made products expected to dramatically increase toy prices, consider purchasing toys for upcoming holidays or birthdays before the tariffs take effect to avoid financial burdens.
Groceries: Trump’s plan to renegotiate trade deals and impose new tariffs on imported goods is likely to rapidly increase grocery costs. Stocking up on essential groceries can help households manage their budgets more effectively.
Smartphones: Flagship smartphones are expected to experience significant price increases under Trump’s proposed tariffs on Chinese-made goods. Purchasing a new smartphone before the tariffs take effect can help consumers avoid substantial price hikes.
Footwear and Construction Materials: The majority of shoes sold in the US are imported, making them susceptible to higher prices due to Trump’s new tariff plans. Essential construction materials for homebuilding are also vulnerable to price increases, which could push housing costs higher.
Cars: China is the world’s largest car manufacturer, and introduction of new tariffs on Chinese vehicles could significantly raise car prices in the US. Purchasing or leasing a vehicle before tariffs are implemented can help mitigate financial impact.
Medication: A substantial portion of active pharmaceutical ingredients used in US medications are imported from countries like China and India. Trump’s tariffs on these imports could lead to increased costs for both generic and brand-name medications, potentially resulting in shortages and reduced access to essential drugs.
Source: https://www.nasdaq.com/articles/8-things-you-should-buy-trump-becomes-president